Marvel profit tops forecast, lifts earnings outlook

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LONDON (MarketWatch) -- Character-based entertainment and licensing company Marvel Entertainment Inc.
MVL, +2.20%
lifted its profit outlook for the year as it reported second-quarter net profit that fell 37% to $16.3 million, or 19 cents a share, from $25.8 million, or 24 cents a share, a year earlier. The results for the most recent quarter included a charge of 1 cent a share. The average forecast of analysts polled by Thomson First Call was for earnings of 11 cents a share. Revenue slipped 4% to $84.4 million. Marvel upgraded its earnings outlook for the year to the range of 50 cents to 60 cents a share from an earlier forecast of 46 cents to 57 cents a share, citing lower taxes in the second quarter and the positive impact of share repurchase activity.

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